Prudential Financial Inc. Sells 1,106,954 Shares of Rexford Industrial Realty, Inc. (NYSE:REXR)

Prudential Financial Inc. decreased its holdings in shares of Rexford Industrial Realty, Inc. (NYSE:REXR) by 82.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 243,584 shares of the real estate investment trust’s stock after selling 1,106,954 shares during the quarter. Prudential Financial Inc. owned approximately 0.11% of Rexford Industrial Realty worth $9,417,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Advisors Asset Management Inc. grew its holdings in shares of Rexford Industrial Realty by 49.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 2,913 shares of the real estate investment trust’s stock valued at $147,000 after acquiring an additional 965 shares in the last quarter. Cerity Partners LLC boosted its position in Rexford Industrial Realty by 5.6% during the third quarter. Cerity Partners LLC now owns 39,332 shares of the real estate investment trust’s stock valued at $1,979,000 after purchasing an additional 2,075 shares during the last quarter. Bank of Montreal Can boosted its position in Rexford Industrial Realty by 5.2% during the third quarter. Bank of Montreal Can now owns 72,416 shares of the real estate investment trust’s stock valued at $3,658,000 after purchasing an additional 3,604 shares during the last quarter. FMR LLC grew its stake in Rexford Industrial Realty by 243.8% in the third quarter. FMR LLC now owns 275,669 shares of the real estate investment trust’s stock valued at $13,869,000 after purchasing an additional 195,496 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its position in shares of Rexford Industrial Realty by 5.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 175,658 shares of the real estate investment trust’s stock worth $8,837,000 after purchasing an additional 9,093 shares during the last quarter. Institutional investors own 99.52% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on REXR shares. Scotiabank cut their price objective on Rexford Industrial Realty from $48.00 to $47.00 and set a “sector perform” rating for the company in a report on Friday, February 28th. JPMorgan Chase & Co. cut their price target on shares of Rexford Industrial Realty from $45.00 to $44.00 and set a “neutral” rating for the company in a research note on Thursday, February 13th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Rexford Industrial Realty in a research note on Tuesday, January 14th. They set a “hold” rating and a $40.00 price objective on the stock. Mizuho dropped their target price on shares of Rexford Industrial Realty from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Finally, Robert W. Baird reduced their price target on Rexford Industrial Realty from $48.00 to $47.00 and set a “neutral” rating for the company in a report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $46.83.

Rexford Industrial Realty Price Performance

Rexford Industrial Realty stock opened at $39.37 on Friday. The company has a market capitalization of $8.97 billion, a price-to-earnings ratio of 32.53, a PEG ratio of 2.62 and a beta of 0.98. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 0.39. Rexford Industrial Realty, Inc. has a 12 month low of $36.92 and a 12 month high of $52.61. The stock’s 50 day moving average is $40.35 and its 200-day moving average is $42.42.

Rexford Industrial Realty (NYSE:REXR) last posted its quarterly earnings data on Wednesday, February 5th. The real estate investment trust reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.31. Rexford Industrial Realty had a return on equity of 3.26% and a net margin of 29.10%. Equities research analysts expect that Rexford Industrial Realty, Inc. will post 2.38 EPS for the current year.

Rexford Industrial Realty Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.43 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.72 dividend on an annualized basis and a yield of 4.37%. This is an increase from Rexford Industrial Realty’s previous quarterly dividend of $0.42. Rexford Industrial Realty’s payout ratio is currently 142.15%.

About Rexford Industrial Realty

Rexford Industrial Realty, Inc is a self-administered and self-managed real estate investment trust, which engages in owning and operating industrial properties in infill markets. The company was founded by Richard S. Ziman on January 18, 2013 and is headquartered in Los Angeles, CA.